-year observations from European banks reporting under IFRS, in contrast to previous research conducted in the US, we find no overall …

in such a world, so would any talk of establishing and enforcing accounting standards. To state the proposition the other … way round, accounting is relevant only because we live in an imperfect world, where markets are not always fully liquid … and incentives may be distorted. In such an imperfect world, transaction prices may not be readily available. Even those …